Saudi Aramco is offering September crude oil loadings outside the Strait of Hormuz, with some cargoes already shipped to Asia.

⑴ Saudi Aramco has, for the second consecutive week, launched the sales process of Arab Medium and Heavy crude oil for Asian buyers. The relevant cargoes will be delivered via ship-to-ship transfers at the port of Fujairah or Sohar, located outside the Strait of Hormuz. Bidding is scheduled to close on Wednesday. ⑵ According to informed sources, the company is increasing the supply of crude oil loaded outside the Strait of Hormuz in September, after already selling at least 4 million barrels of crude to Asia this month. Some shipments have circumvented potential attack risks during transit through the strait by shutting off trackers. ⑶ Shipping data shows that two supertankers completed ship-to-ship transfers outside Sohar port on August 22nd and 25th, respectively, before heading to Asia. They are expected to arrive in Ningbo and Zhanjiang ports in mid-September, with the deliveries destined for Sinopec, the world’s largest refiner. ⑷ Saudi Aramco sold at least 4 million barrels of heavy crude to PetroChina and Sinochem last week. Previously, the company resumed crude oil loading operations at Ras Tanura port in early August. The ongoing risks of transit through the Strait of Hormuz continue to drive supply chain adjustments.